The thought of the beginning of a new school session brings so much worry and unnecessary pressure on many parents who in one way or the other are having a hard time settling bills in the house or having to spend money on some other things they might feel are important to them. A new school session for these kinds of parents means that they now have to either sacrifice one or two things to be able to fund their child(ren)’s school fees, in some cases having to work extra hours or even work more jobs. Telling your child(ren) you might not be able to pay their school fees or even withdrawing them from their present school is an option you are seriously hoping not to consider.
Are you a parent in this situation who has started thinking of the next session’s fees and everything seems impossible? We are here for you and would implore that you hear us out and read this article to the very end.
We cannot stop reiterating on the importance of having targeted savings. An example of a targeted savings account is the SAMTL KIDS EDUCATION TRUST which is designed to set aside funds on a gradual basis for the education of your children.for a period scheme of five (5) years.
With a targeted savings account like this, you can be rest assured of a secured future for your child(ren) and would not have to be worrying at the start of a new session.
Another factor we would like you to consider is cutting your coat according to your cloth. If your child(ren)’s school fees per term is more than 50% of your monthly income, then you have basically set the stage for hardship and borrowing. For example, a family that earns a combined salary of about N500,000 per month will need to save N75,000 every month to pay for a N225,000 per term school fees. Anything above this is an excuse for constant borrowing.
The importance of having more than one source of income also cannot be overemphasized. Having multiple sources of income not only helps you deal with a job loss much easily, it also helps increase the amount you can set aside towards school fees. That way, you can send your child(ren) to schools you feel are the best for them.
Finally, you should consider investing as early as possible so that by the time your child(ren) grow(s) up to start their education, you can always have the returns on your investment cover the school fees and if you are lucky enough to have invested in an opportunity that has yielded high returns, you don’t just get to cover their school fees but also get to invest in their future as well.